ING Groep NV Acquires New Holdings in Alcoa Co. (NYSE:AA)

ING Groep NV bought a new position in shares of Alcoa Co. (NYSE:AA) in the third quarter, Holdings Channel reports. The firm bought 264,400 shares of the industrial products company’s stock, valued at approximately $10,201,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AA. Quadrature Capital Ltd bought a new position in shares of Alcoa during the 1st quarter worth about $593,000. Douglas Lane & Associates LLC grew its position in Alcoa by 2.0% during the third quarter. Douglas Lane & Associates LLC now owns 1,421,955 shares of the industrial products company’s stock worth $54,859,000 after buying an additional 27,217 shares in the last quarter. Aigen Investment Management LP increased its stake in Alcoa by 73.0% during the third quarter. Aigen Investment Management LP now owns 36,848 shares of the industrial products company’s stock valued at $1,422,000 after acquiring an additional 15,546 shares during the period. U.S. Capital Wealth Advisors LLC bought a new stake in shares of Alcoa in the 2nd quarter worth approximately $706,000. Finally, Van ECK Associates Corp grew its holdings in shares of Alcoa by 43.4% during the 3rd quarter. Van ECK Associates Corp now owns 271,276 shares of the industrial products company’s stock worth $11,361,000 after purchasing an additional 82,073 shares in the last quarter.

Alcoa Stock Up 1.6 %

AA opened at $41.22 on Friday. Alcoa Co. has a 1-year low of $23.80 and a 1-year high of $46.55. The stock has a market cap of $10.65 billion, a PE ratio of -23.42, a price-to-earnings-growth ratio of 0.78 and a beta of 2.42. The stock’s fifty day simple moving average is $38.63 and its 200 day simple moving average is $37.56. The company has a current ratio of 1.41, a quick ratio of 0.80 and a debt-to-equity ratio of 0.47.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.34. Alcoa had a negative net margin of 2.65% and a negative return on equity of 1.45%. The firm had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.97 billion. During the same period last year, the business posted ($1.14) earnings per share. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, research analysts expect that Alcoa Co. will post 0.89 earnings per share for the current year.

Alcoa Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 29th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.97%. The ex-dividend date of this dividend is Tuesday, October 29th. Alcoa’s payout ratio is -22.73%.

Insider Transactions at Alcoa

In other Alcoa news, EVP Renato Bacchi sold 23,867 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $42.29, for a total transaction of $1,009,335.43. Following the transaction, the executive vice president now owns 57,317 shares in the company, valued at $2,423,935.93. This trade represents a 29.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analysts Set New Price Targets

Several brokerages recently commented on AA. Bank of America raised Alcoa from a “neutral” rating to a “buy” rating and raised their target price for the stock from $43.00 to $52.00 in a research report on Tuesday, October 1st. JPMorgan Chase & Co. lifted their target price on shares of Alcoa from $36.00 to $39.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. B. Riley Financial reissued a “neutral” rating and issued a $41.00 price target on shares of Alcoa in a research report on Tuesday, September 17th. UBS Group lifted their price objective on Alcoa from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Finally, Wolfe Research raised Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 target price for the company in a report on Wednesday, September 4th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Alcoa currently has an average rating of “Moderate Buy” and an average price target of $44.75.

Alcoa Company Profile

Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through two segments, Alumina and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.